Federal Judge Confirms $12.6M Award Against Venezuelan Iron Ore Company

Mealey's (December 18, 2020, 1:42 PM EST) -- NEW YORK — A federal judge in New York on Dec. 10 issued an amended opinion and order granting a British Virgin Islands commodities trading company’s motion to confirm an award of $12.6 million plus interest against a Venezuelan iron ore producer after finding the Venezuelan company’s arguments against confirmation, including that the underlying contract was procured through corruption, without merit (Commodities & Minerals Enterprise Ltd. v. CVG Ferrominera Orinoco, C.A., No. 19-11654, S.D. N.Y.)....